11-275. Tax levy to pay bonds and interest;
debt service fund
A. The board shall cause to be assessed and levied each year upon the taxable
property of the county, in addition to the levy authorized for other purposes, an amount
sufficient to pay the interest on outstanding bonds and such proportion of the principal
that at the end of five years the amount raised from the levy shall equal at least twenty
per cent of the amount of bonds issued, and at the end of nine years shall equal at least
forty per cent of the amount, and at and before the date of maturity of the bonds shall
equal the whole amount of the principal and interest.
B. The money raised by the levy shall be known as the debt service fund and shall
be used only for payment of bonds and interest coupons. The treasurer shall keep in his
books a separate account thereof, which shall at all times show the exact condition of
the debt service fund.
C. If there is not at any time sufficient monies in the fund to pay the interest
due on the bonds, the board may transfer a sufficient sum from the general fund to the
debt service fund for such purpose, and any excess in the fund over the amount required
for principal and interest on the bonds may be transferred to the general fund.
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